Apple is reportedly partnering with Nordstrom for the launch of its mobile payment system, the iWallet.

According to sources of Bank Innovation, Apple is currently in talks with the American chic fashion retailer for the deal. The tech giant is searching for a prominent clothing brand which has an extensive physical reach to help them launch the iWallet. Nordstrom has been chosen because it also has a strong presence in social media and selling high-end products. For the third quarter of 2014, Nordstrom has made $3.4 billion and currently valued at $13 billion.

A point-of-sale upgrade that Nordstrom recently completed is also seen as a hit for a possible deal with Apple. Employees described the update as new hardware that will work best with the latest versions of iPhone.

Nordstrom refused to comment about the partnership.

In the recent years, Apple has worked with fashion brands to help in the publicity of their new features and products. In September 2013, the company partnered with British luxury fashion house Burberry to promote iPhone 5S' iSight rear camera during its fashion event. The publicity involved Burberry uploading slow motion videos to its Instagram accounts.

Apple reportedly considered other brands but decided to cancel its plans since Nordstrom has more physical stores than the other options.

Apple is also reportedly in talks with financial services corporations Visa, American Express and MasterCard for its mobile payment system which will be integrated into iPhone 6. While Mastercard and AMEX refused to comment about the alleged partnership, Visa has already agreed to a deal.

Once the deal is finalized, it seems that iPhone users will be able to shop in Nordstrom and use their devices to pay for the goods. For years, analysts have been waiting for Apple to develop a mobile payment system which could be a new source of revenue.